Getting an Investment Club Started - Tips For the Second Meeting
After your first meeting has been a success youll want to make sure that certain things have been completed for the second meeting.
These tasks include:
Registering your investment clubs business entity with the state. This includes the name of your investment club. When the paperwork returns, the newly elected Secretary of your investment club should make sure that the paperwork is filed and that members of the club have access to the information.
Tax ID Number. This is the time to file the information that is required to obtain a Tax ID Number. The newly elected treasurer will now be able to open up a banking checking account for your club as well open a brokerage account. If your investment club hasnt decided on what brokerage to use this task will have to be delayed until a later date.
Education program. The vice president, or the education officer, should be planning the first education program that youre going to start learning.
Accounting. The newly elected treasurer should have the accounting system set up by the time your second meeting rolls around.
Software programs. If your investment club is going to use other types of software to keep track of stocks, profits, expenses, and other administrative information the newly hired secretary can purchase this software and have it installed. Remember to keep in mind that if more than one member of your club is going to use the software program on their computer that youll have to purchase multiple copies of the software or buy multiple licenses for more than one user.
Copies of last minutes. The secretary should be sure to have copies of the minutes from the last meeting available for all members of your club. This is so that each member, whether or not they are an elected officer, feels that they are a part of the entire investment club.
Original copies. All original copies of official documentation should be kept by the secretary in a safe place. This includes any registration papers, member information, stock purchases, and any other official records that need to safe guarded.
Your investment group should be as well prepared as possible for the second meeting. If you find that one or two people from the first meeting have dropped out, but you still want to keep up the numbers of your membership, you should invite any new members to this second meeting.
Kids Investment Club
Your club should take every opportunity that it can to learn how to monitor your own stocks so that youre not relying on any outside sources.
Phoenix Investment Club
When you limit the size of the club to this many members youre still small enough to hold meetings in members homes. Youll want to write down your mission statement and make sure that each member of the club, and any future members, has a copy of the mission statement. Most investment clubs choose a general partnership as their choice of a business entity. These brokers generally charge anywhere from to per trade.
Keep in mind that all members of the club will have responsibilities but when you elect officers youll have certain positions filled where members have a particular duty and task.
A discount broker will give you some detailed information about stocks but wont give you advice about what to sell or buy. Typically refers to shares trading below one dollar a share. This doesnt mean that you want to constantly buy and sell your stock. In most cases the investment club will be registered as a partnership and the members of the club will make decisions together on what stocks they consider to be a good investment risk. When you invest in the stock market youre taking your finances into your own control.
|
